The Property / Real Estate Thread

This is a discussion on The Property / Real Estate Thread within Shifting gears, part of the Around the Corner category; Originally Posted by Bapu
Dear Friends,
I have a query.
Is it possible for an agriculturaist to buy agricultural land ...

Is it possible for an agriculturaist to buy agricultural land INSIDE a forest reserve area??

Traditionally, land / agricultural land inside forest areas belongs to either Tribals / open market / specific communities ( Rabari / Maldhaari - shepherd types). Land from tribals can be bought only by tribals.

I am not able to find any resource who can guide if any other person can buy land inside a forest reserve area.

Anybody here has any experience of this??

That would be very specific to the State. Forestry / Tribal land holdings law can very from state to state, and depending on the state the land is in, answer canv ary.

Anyway, reserve forests are reserve forests, and even tribals cannot have land there.

We are two brothers and our dad has a property (duplex) in Bangalore that he is gifting to us. Is there a place where I can see what is the amount to be paid to register this in our names? As far as I know, the registration charges are nominal as this is a gift and is not dependent on the value of the property. But the lawyer who is writing the deed and getting this done is demanding 20k (includes palm greasing she says). Anyone been gifted property recently

Gift deed is as i Know is flat 1000 rs .

But the paperwork should be additional .But there should be no greasing .No greasing = more delay and runaround .Greasing = FIFO(first in first out ) cake walk .

1) My building colleague wants to sell his flat, the prospective buyer has a loan eligibility letter of X amount. However the prospective buyer does not have money to pay as token amount to my friend and has only sufficient funds to pay for the stamp duty and registration. The prospective buyer wants to avail the entire loan eligible amount and he suggested to my friend to increase the agreement amount such that 80% of agreement cost would equal the loan offer letter. Is there any thing illegal in this transaction? Even if the bank offering the prospective buyer comes up with the valuation close to the agreement value are there any legal complications in this? Should my friend agree for the registration without any token amount in hand?
2) My friend has an outstanding loan amount which he can clear with his own contribution. Even if the above transaction goes through what should be his choice - pay the loan amt upfront and reduce the transaction time (a min 15 days time) or let the bank (from where the prospective buyer has a loan elgibility letter) take over the loan which is time consuming (a min of 40 days).

1) My building colleague wants to sell his flat, the prospective buyer has a loan eligibility letter of X amount. However the prospective buyer does not have money to pay as token amount to my friend and has only sufficient funds to pay for the stamp duty and registration. The prospective buyer wants to avail the entire loan eligible amount and he suggested to my friend to increase the agreement amount such that 80% of agreement cost would equal the loan offer letter. Is there any thing illegal in this transaction? Even if the bank offering the prospective buyer comes up with the valuation close to the agreement value are there any legal complications in this? Should my friend agree for the registration without any token amount in hand?

Legally your friend would need to pay tax for the extra amount which he is not getting in the first place. Also, in case of any tax inquiry (rarest of rare case scenario), your friend would not be able to show where he spent the extra cash.
IMO there is definitely a risk entering into a deal without any token amount. In fact, I don't think the bank will even approve a loan without a registered "agreement to sell" in place.

2) My friend has an outstanding loan amount which he can clear with his own contribution. Even if the above transaction goes through what should be his choice - pay the loan amt upfront and reduce the transaction time (a min 15 days time) or let the bank (from where the prospective buyer has a loan elgibility letter) take over the loan which is time consuming (a min of 40 days).

IMO it is always better to close the outstanding loan and let the buyer take up a fresh loan. This way the seller is clear of any implications. What if the transfer doesn't go through and the sale is stuck midway?

Is it just the agreement that the banks ask for before disbursing the loan? I'm sure they would have seen cases like this before where buyers don't have any money upfront to pay the seller and try to get the maximum amount as a loan form the bank. How does the bank confirm that the balance has been paid by the buyer to the seller? Does the seller have to show proof of receipt or will a mere acceptance on the agreement suffice?

Quote:

Originally Posted by BaCkSeAtDrIVeR

That would be very specific to the State. Forestry / Tribal land holdings law can very from state to state, and depending on the state the land is in, answer can vary.

Anyway, reserve forests are reserve forests, and even tribals cannot have land there.

Are coffee estates considered agricultural land? In Karnataka, isn't there a rule about non agriculturists buying agriculture land? How is it that cricketers, film stars buy coffee estates without being agriculturalists?

That would be very specific to the State. Forestry / Tribal land holdings law can very from state to state, and depending on the state the land is in, answer canv ary.

Quote:

Originally Posted by triedeverything

Is it just the agreement that the banks ask for before disbursing the loan? I'm sure they would have seen cases like this before where buyers don't have any money upfront to pay the seller and try to get the maximum amount as a loan form the bank. How does the bank confirm that the balance has been paid by the buyer to the seller? Does the seller have to show proof of receipt or will a mere acceptance on the agreement suffice?

Are coffee estates considered agricultural land? In Karnataka, isn't there a rule about non agriculturists buying agriculture land? How is it that cricketers, film stars buy coffee estates without being agriculturalists?

The Agreement to Sell is a registered document which is made between the seller and buyer which states that both parties are willing to go through the deal and at what price. Usually a cancellation clause is also included where-in the party backing off has to pay a penalty. If I remember correct, some 10% of the actual registration fee has to be paid at this time.

When I had applied for a loan, the bank had asked me proof/source of the remaining amount and I had to furnish my bank statements for the same. The banks have such processes in order to protect their interest in the first place.
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I have heard that in KA only agriculturalists can buy agriculture land. True? Does anyone know the law in KL and TN?
Anyways, what is the logic behind allowing only agriculturalists to buy agriculture land? What if someone from another background wants to pursue farming? We had been to a friend's farm this weekend and there was some discussion in this regard, but no-one had a conclusive answer.

The Agreement to Sell is a registered document which is made between the seller and buyer which states that both parties are willing to go through the deal and at what price. Usually a cancellation clause is also included where-in the party backing off has to pay a penalty. If I remember correct, some 10% of the actual registration fee has to be paid at this time.

When I had applied for a loan, the bank had asked me proof/source of the remaining amount and I had to furnish my bank statements for the same. The banks have such processes in order to protect their interest in the first place.
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I have heard that in KA only agriculturalists can buy agriculture land. True? Does anyone know the law in KL and TN?
Anyways, what is the logic behind allowing only agriculturalists to buy agriculture land? What if someone from another background wants to pursue farming? We had been to a friend's farm this weekend and there was some discussion in this regard, but no-one had a conclusive answer.

This was also the reason why Amitabh was in a controversy. I think many states have this rule.
Some people buy it using some poor guys name.

Are coffee estates considered agricultural land? In Karnataka, isn't there a rule about non agriculturists buying agriculture land? How is it that cricketers, film stars buy coffee estates without being agriculturalists?

I am not an expert in this subject. But, even I am keen on pursuing this option of farming & hence the interest in this as a whole. Here is my understanding on this topic:
Coffee is considered as a commercial crop & is registered with a CRC and this CRC land can be purchased by anyone.

Coming to agricultural land, the intention of this rule is to protect the farmers from their land being taken away from non-agriculturists (rich people/organizations) resulting in them losing out in a long run.

Quote:

Originally Posted by Jaguar

... What if someone from another background wants to pursue farming?

Well, one option here is to lease out the land from an agriculturist to pursue your farming

Guys I hope you are aware of Tronica City township, Ghaziabad which is 22 km from connaught place. Here plots are available in sizes of 100-500 sq. yards.

I was looking for investment option in the budget of 60-80 lacs in NCR. I found that plots in tronica city are very cheap in the range of Rs. 14000-20000 per sq yards. I went to this place and area looks promising for future to live in after 5-7 years when population grows. Issue is that the surrounding areas are quite low profile but I have no issue within the township.

What are your views on Tronica City? Whatever the case may be but I will get a same 500 sq yard plot in sector 37 gurgaon for more than 6 crores which I can't afford in anyway. I know it is like day and night when I compare Delhi/Gurgaon with Tronica City.

i have booked an apartment in the second phase of this project , i do like the amenities( what they are promising) and the present state of the project, i am hoping that they will continue the same in the rest of the project

they dont negotiate on the amenities , maybe they might go down on the 2900/- . The nearby developments dont really compare to this one , so it will be a bit futile to compare the same, for example girdhari and this one.

the reason why i didnot go for ready to move in is the plans, the first two towers are a bit different design with a lot of space wastage ,which i just could not digest. good luck and do ask me if you want any more information